Yes, I would say that is misleading, but the point I'm making is that most of that has been priced in the current price because the issue about the notes have been killed to death on this board, in other words OLD NEWS!
The notes have always been there but people have been buying this stock around this price area for about 6 months now. The notes haven't changed but he revenues has.
The fact that they reduced share count is huge plus too, your analogy about the chair does not make sense here because preferred shares and common shares are two different things, can't treat them the same
We can keep talking about notes and we should, but lets not forget to do it in perspective with whats going on with the company today and where they are headed, All IN MY OPINION!
There will always be buyers and sellers and that makes a market, nothing wrong with that!